10 Ways to Save in the New Year

Aim for a fresh set of goals this new year – and don’t forget to include your financial plans and resolutions. The team at Holborn Assets have compiled a list of 10 easy ways you can save more in 2016. 1. Balance Transfer: If you have a credit card debt to repay in 2016 – it might be worth thinking about a Balance Transfer. A balance transfer is where part or all of a debit balance (or debt) you owe to another lender is transferred from one credit card to another, usually to save money on interest rates. A balance transfer credit card can be a good way to slow down and take stock of your debt. 2. Become A Smart Shopper: Convenience is the new trend! Look for the best deals with price comparison tools when shopping online. Don’t forget the use of free deliveries or cash/card-on delivery which takes out the cost of travelling/fuel. 3. Protect Your Identity: Although shopping online can save you time and money, it is important you take steps to ensure your identity and personal information is protected. Use hard to guess passwords (avoid your date of birth, mother’s maiden names etc), and if you have the option always go for double verification set-ups. Make sure you track your bills with your bank statements and let your bank know as quickly as possible if there are any unusual transactions on your accounts. 4. DIY: This can save you money in abundance, especially for penny pinchers. With access to a multitude of YouTube channels, Pinterest etc, you can enjoy the benefits of the DIY-culture and save money throughout the year. 5. Seek Financial Advice: Getting in touch with a professional financial advisor helps you assess your current financial situation. In addition, you can financially prioritize – save, pay off debts, investments with high returns and build a realistic plan on how to achieve your goals. 6. Dining Out: Learn to cook! Although similar to DIY, money spent on takeaways, deliveries and dining experiences can be saved tremendously – if cut down. This is one of the most flexible aspects when creating your monthly budget. 7. Educate Yourself: Read about money. Take a few minutes of your time to read up on financial news every day. Read the Holborn Assets articles to build your financial know-how, quick tips and tricks to save extra cash as an expat in Dubai. 8. Pay Off Debts: Start with the cards that carry the highest rates. Speak to a Mortgage Specialist and calculate the best possible means to pay off your mortgage or vehicle loan – such as an automatic deduction from your monthly pay. Work your way down from there to cut off all debts on your list. 9. Cut Expenses: Do you have a gym membership you don’t use anymore? Did you sign up to any monthly smartphone apps that charge? Pull the plug on all non-essential costs. And keep a close eye on your bank statements to ensure any opportunities to cut costs are not missed. 10. Select The Best Deposit: Make sure your saving pot is growing and stagnant. Look for an account with competitive interest rates and no annual fees. You can also opt for Certificate of Deposit (CD) with attractive interest rates on a short term basis (more maturity cycles). Compare the best option and open your accounts. Drawing up a plan, setting financial goals and creating a budget is fairly simple. The most challenging task is putting it into action and creating momentum that lasts the year. January is the right month to make a fresh start. Happy Saving & Happy New Year from the Holborn Assets team!

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